Cubs' Ricketts: Investors search in 1st inning

Chicago Cubs owner Tom Ricketts emphasized Friday the search for outside investors to help fund renovations at Wrigley Field is in the early stages.

“It’s pretty simple," Ricketts told reporters in front of the third base dugout at Wrigley Field. "Any time you’re looking at a big project like this that's privately financing, you’re going to look at all your different sources and potential financing. And we’re going to take at look at whether or not it makes sense to bring in outside investors.’’

Ricketts emphasized that the idea of selling shares doesn't mean the franchise is in any kind of financial stress.

"Most team have multiple investors,'' Ricketts said. "We're taking a look at whether it fits for us."

If the Cubs secure an outside investor, that group would be a non-controlling minority investor. Ricketts added that people have contacted them in the past about buying a share of the team.

"But the process is just getting started," Ricketts said.

Ricketts reinforced his eagerness to start construction on renovations. But they won't start until they receive assurances by rooftop owners of no lawsuits. The target date to complete renovations is by opening day of 2018.

“There are certain things we can prep for before the end of season, but the major work needs to get done when the place is empty," Ricketts said.

Ricketts acknowledged adding minority investors creates a cash flow, adding that the renovation of the park can create $30 million to $40 million in incremental revenue per season.

"And if you’re going to put money in, why would you not put it in a way that gives you a long term return where it’s consistent?" Ricketts said.

As for making more concessions in negotiations with the rooftop owners, "we’ve made a lot of concessions," Ricketts said. "At some point, it has to end somewhere. But we’re not there. We'll keep working and see what we can get done.’’